{"id":280,"date":"2009-02-17T15:38:41","date_gmt":"2009-02-17T15:38:41","guid":{"rendered":"http:\/\/www.the-finance-zone.co.uk\/?p=280"},"modified":"2009-02-17T15:38:41","modified_gmt":"2009-02-17T15:38:41","slug":"savers-flee-isas-as-interest-rates-plummet","status":"publish","type":"post","link":"https:\/\/the-finance-zone.co.uk\/index.php\/2009\/02\/17\/savers-flee-isas-as-interest-rates-plummet\/","title":{"rendered":"Savers flee ISAs as interest rates plummet"},"content":{"rendered":"<p>Over one third of ISA holders are planning to ditch the account because of low interest rates and the need to use their savings to see them through the recession.<\/p>\n<p>A uSwitch.com poll found that 38% of the UK\u2019s 11.5 million ISA holders are planning to withdraw from their ISA.<\/p>\n<p>With the average ISA account holding \u00a32,200, this mass exodus would leave ISA providers around \u00a39.5 billion out of pocket.<\/p>\n<p>Around half of those withdrawing are doing so because of low interest rates; as the Bank of England has slashed the base rate of interest to a record low, ISA providers have followed suit.<\/p>\n<p>\u201cThere is no getting away from the fact that savers have been the sacrificial lambs of the plummeting base rate,\u201d said Rumina Hassam, uSwitch.com personal finance expert.<\/p>\n<p>Meanwhile, 18% of ISA holders are cutting their account because they need the extra money.<\/p>\n<p>Price comparison service uSwitch.com said savers should not be hasty in withdrawing money from their ISA because altogether they could end up sacrificing millions of pounds in tax free gains.<\/p>\n<p>Hassam said: \u201cLow rates will not last forever and as soon as the base rate starts to climb again, savings rates will follow suit.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over one third of ISA holders are planning to ditch the account because of low interest rates and the need<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[41],"tags":[],"class_list":["post-280","post","type-post","status-publish","format-standard","hentry","category-savings"],"_links":{"self":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=280"}],"version-history":[{"count":0,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/280\/revisions"}],"wp:attachment":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}